The US soybean market continues to be supported by strong export demand. In Brazil, prices rose due to lower balances

Soybean futures on the Chicago Mercantile Exchange rose on Friday, ending a four-day run of lower trading days.

Growth has been limited by dry weather forecasts, which should allow US Midwestern farmers to accelerate harvest in the coming days. The market was still supported by strong export demand. Soybean meal and soybean oil futures also closed higher. Soybean oil contracts for December rallied above their 40-day moving average, but faced resistance at the 30-day moving average. 

Private exporters have announced the sale of 100,000 tonnes of soybean meal to unknown buyers, the USDA said.

Over the week, soybeans fell 4.1%, their biggest weekly drop since mid-March.

Soybean meal fell 2.3% this week and soybean oil fell 6%, Reuters reported.

Soybean prices in Brazil have approached an eight-year high this week after robust exports began to decline due to declining stocks, the University of São Paulo Cepea Research Center said.

Prices peaked at R $ 150.86 (US $ 27.13) per 60 kg for the week, close to the record of R $ 153.40 set in 2012, Cepea reported. Domestic soybean prices fell to R $ 146.63 per bag by Friday.

Data based on prices in the port area of Paranagua in the state of Parana and adjusted for inflation.

Soybean prices are up 6.44% this month.

Brazil harvested a record soybean crop in 2020, but the relative weakness of the real currency against the dollar has led to increased oilseed exports and lower inventories. With a few months left before the new crop in Brazil, a lack of supply has driven prices up.

Brazilian farmers sold 60% of the 2020/21 crop amid high prices, according to Cepea.